Tax Relief for Short Sales Extended to December 31, 2014

The deadline for the debt foregiven by your lender to not be considered taxable income has been extended from December 31, 2013 to December 31, 2014.**

Congress as part of the Fiscal Cliff Bill has extended the deadline to get your short sale of foreclosure completed. The short sale will have to be completetd before January 1, 2015. It is unknown whether or not Congress will extend it again for this year.